Tri State Financial, an energy firm has annoucned the auction of its North Country Ethanol Plant in Rosholt. SD. Thomas Stalnaker, Trustee of Tri State Financial, LLC, said the Sealed Bid Auction will be opened at 5:00 pm February 1, 2011.
In 2008, the ethanol industry saw significant distress and Tri State Financial, LLC dba North Country Ethanol was not exempt. There have been several well-publicized bankruptcies and sales over the past 18 months. North Country Ethanol was able to operate for the past 12 months through the cooperation of the bank group, Tenaska Biofuels (TBF), Flag Leaf Financial Management Inc. and Innovated Concepts of Ethanol (ICE). Continued operation is planned through the transaction closing with the successful bidder. The renewable fuels industry has seen both the best and worst of times.
We have operated this plant for the past year so the potential buyer knows the production of the plant, said Marty Pelster, attorney representing the senior bank group. Continuing to operate this plant is important since many of the recent sales of other plants were not operational. The timing of this sale is to give potential buyers time to complete due diligence and obtain capital.
The 25mmgy plant is an important market for local corn production in the Tri State region. It also provides jobs for approximately 30 people.
North Country Ethanol Plant is located on 35 acres, a half a mile from the Coop Grain Elevator and access of the Canadian Pacific Rail Road. Jeff Kistner, an industry consultant for the trustee, said This plant was retrofitted by ICM, Inc in 2004. ICM is a leading technology firm to the industry. In addition, this location provides some of the lowest cost corn in the industry, a solid local distiller grains market and outlets to local, regional, national and international ethanol markets.
In 2008, the ethanol industry saw significant distress and Tri State Financial, LLC dba North Country Ethanol was not exempt. There have been several well-publicized bankruptcies and sales over the past 18 months. North Country Ethanol was able to operate for the past 12 months through the cooperation of the bank group, Tenaska Biofuels (TBF), Flag Leaf Financial Management Inc. and Innovated Concepts of Ethanol (ICE). Continued operation is planned through the transaction closing with the successful bidder. The renewable fuels industry has seen both the best and worst of times.
We have operated this plant for the past year so the potential buyer knows the production of the plant, said Marty Pelster, attorney representing the senior bank group. Continuing to operate this plant is important since many of the recent sales of other plants were not operational. The timing of this sale is to give potential buyers time to complete due diligence and obtain capital.
The 25mmgy plant is an important market for local corn production in the Tri State region. It also provides jobs for approximately 30 people.
North Country Ethanol Plant is located on 35 acres, a half a mile from the Coop Grain Elevator and access of the Canadian Pacific Rail Road. Jeff Kistner, an industry consultant for the trustee, said This plant was retrofitted by ICM, Inc in 2004. ICM is a leading technology firm to the industry. In addition, this location provides some of the lowest cost corn in the industry, a solid local distiller grains market and outlets to local, regional, national and international ethanol markets.
